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Adam Smith

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The philosophy emerged as a response to the Industrial Revolution and urbanization in the 19th century in Europe and the United States.

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Karl Marx

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Karl Marx

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Communism was an economic-political philosophy founded by Karl Marx and Friedrich Engels in the second half of the 19thcentury. Marx and Engels met in 1844, and discovered that they had similar principles. In 1848 they wrote and published "The Communist Manifesto."

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The influence of classical liberalism profoundly shapes the culture and institutions of all modern democracies.

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Success and money

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There is freedom in capitalism, however it is limited

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In Capitalism, each man is entitled to what he produces. Under Capitalism, fairness requires society to provide equal opportunity to achieve success.

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Private property rights are central to a capitalistic society, its execution and its legal defenses.

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Communism influences Russia, China, and other small countries such as Cuba who still strongly rule by communism

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To be successful

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There is not much freedom in communism, as the government basically owns all of your belongings and earnings and you have a lack of freedom of speech

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The government takes a lot of your earnings

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Communism lacks the ownership of your own property and the government owns all of it.

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It began as a response to the dire poverty and inhumane working conditions in industrialized Europe in the early 19th century.

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The influence of socialism is the idea that everyone can be equal monetarily.

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The motivations are for everyone to be equal

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In Free to Choose, Milton Friedman makes an automatic connection between the economic freedom and political freedom, implying that socialism by its very existence denies freedom to its citizens.

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In socialism everything is fair. There really is no competition

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You can keep your belongings

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John Maynard Keynes

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Keynesian economics developed during and after the Great Depression , from the ideas presented by John Maynard Keynes in his 1936 book

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Positive: Because aggregate demand is the main staple of Keynesian economics, its positive effects are more or improved infrastructure and a rise in employment. When these two factors are calculated into the overall economy--they in theory--lower inflation, raising the buying power of the dollar and create greater tax receipts to the government.
Negative: Dr. Walter E. Williams, an economist and professor at George Mason University, points out that Frédéric Bastiat's "Broken window fallacy" supersedes Keynes' theory. The "broken window fallacy" simply put says that although government spending has a visual effect, it merely rearranges jobs temporarily and does not contribute to new job creation. What's more, economist Milton Friedman argued that government does not produce anything and therefore the money it spends comes from taxpayers. The result is more tax dollars have to be collected, which encourages inflation and leads to higher unemployment. Other negative effects are lower consumer confidence and less private investment, which can lead to stagnation.

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To make a business more successful

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You have all of your normal freedoms

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There is no competition

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You can keep all of your things

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USA
Canada
UK
Germany

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China
Russia’s

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China
Denmark
Sweden